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Dec 31, 2012
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the spending cuts and tax hikes are expected to take effect. >> the night before the fiscal cliff. the senate gave up until tomorrow. >> there is still time to reach an agreement. >> they dropped the demand to cut social security. >> i am optimistic we can live move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff. >> president obama blamed republicans. >> they say the biggest priority is making sure they deal with the deficit in a significant way. they are behaving in a way that they're only priority is that the tax breaks for the wealthiest americans are protected. blacks mitch mcconnell is vowing to find out. -- >> mitch mcconnell is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members could claim they are cutting taxes. >> thank you. if america does fall off the fiscal cliff on the first of the year, maryland
the spending cuts and tax hikes are expected to take effect. >> the night before the fiscal cliff. the senate gave up until tomorrow. >> there is still time to reach an agreement. >> they dropped the demand to cut social security. >> i am optimistic we can live move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff....
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Nov 27, 2012
11/12
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. >>> the debate on how to fix the fiscal cliff has been almost completely focused on tax hikes. but if you're only raising taxes on the upper income, you can't even make a dent in the deficit without cutting spending at the same time. eamon javers looks at the possible cuts. >> hey, bill. i was going to tell you how they could cut spending on capitol hill, but we've had news. i'll spare you that and get to the news. markets over the past little while here this afternoon have been reacted to comments from harry reid and mitch mcconnell. let me play you a sound bite of what markets reacted to and explain on the other side why i think markets are getting this wrong this afternoon and are in danger of getting it wrong throughout this debate. first, listen to what the two leaders had to say. >> there's been little progress with the republicans, which is a disappointment to me. they talked some happy talk about doing revenues, but we only have a couple weeks to get things done. >> as we head into the fiscal cliff negotiations, my advice to the president would be it seems like our frie
. >>> the debate on how to fix the fiscal cliff has been almost completely focused on tax hikes. but if you're only raising taxes on the upper income, you can't even make a dent in the deficit without cutting spending at the same time. eamon javers looks at the possible cuts. >> hey, bill. i was going to tell you how they could cut spending on capitol hill, but we've had news. i'll spare you that and get to the news. markets over the past little while here this afternoon have...
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Dec 31, 2012
12/12
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capitol hill is not, and that is what the fiscal cliff is so very important because they're spending so much more money than they're taking in, running into debt that we are going to have to pay for down the road. when we come back, going over the fiscal cliff or not is one of the many issues facing the market. what should you expect to happen with your money? our debate is next. plus, your reaction. ♪ music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. inrmation on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i ner missed a beat. we're more than 78,000 people loong out for more than 70 million americans. that's health in numbers. unitedhealthcare. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a prective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gavisc
capitol hill is not, and that is what the fiscal cliff is so very important because they're spending so much more money than they're taking in, running into debt that we are going to have to pay for down the road. when we come back, going over the fiscal cliff or not is one of the many issues facing the market. what should you expect to happen with your money? our debate is next. plus, your reaction. ♪ music is a universal language. but when i was in an accident... i was worried the health...
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Dec 31, 2012
12/12
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cliff and deal with the spending cuts and later this year, not much else, not much time we have to sort of get out of this so they're saying, if they can get something through the senate, fine, but if not, it's up to them, they're waiting for the senate at least as far as the house of representatives. >> harris: our senior producer on capitol hill, often we don't get to see him, i can hear voices behind you and know there are people still on the him and let you get back at it. and if there's breaking news we'll bring you back. >> we think it's going to be pretty dead from this point on. >> harris: 11 a.m. eastern tomorrow is whe expected to pick back up again with official leaders going back to the hill. some new information coming out now about the terror attack in benghazi. according to president obama, the united states has some very good leads on who carried out that deadly assault at the consulate in libya killed four americans, as you know, including our ambassador to libya, christopher stevens. mr. obama remarking on the investigation into what happened during an interview that a
cliff and deal with the spending cuts and later this year, not much else, not much time we have to sort of get out of this so they're saying, if they can get something through the senate, fine, but if not, it's up to them, they're waiting for the senate at least as far as the house of representatives. >> harris: our senior producer on capitol hill, often we don't get to see him, i can hear voices behind you and know there are people still on the him and let you get back at it. and if...
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Dec 29, 2012
12/12
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well, forget the fiscal cliff. washington might be sending cows washington might be sending cows off a cliff. ♪ music kids will spend 22 minutes watching us, the super duper party troopers, sing about ants in their pants. brushing for two minutes now, can save your child from severe tooth pain later. two minutes twice a day. they have the time. ♪ tom: washington still fighting over the debt deal. farmers are worried about dairy deal. the farm bill is set to expire at the end of the year along with everything else that is going on. the senate agricultural committee chairwoman pushing for a short-term extension to avert the cliff. but if that does not happen, no prices -- milk prices to go up to $8 per gallon. the supermarket group on how this is going to turn consumers soured. you bet that would. that's about double. >> it is about double. it will increase, hopefully not. you are between three and $4 a gallon. it is not just about melt. this is a food cliff. we talk about the financial cliff. keep in mind, we're
well, forget the fiscal cliff. washington might be sending cows washington might be sending cows off a cliff. ♪ music kids will spend 22 minutes watching us, the super duper party troopers, sing about ants in their pants. brushing for two minutes now, can save your child from severe tooth pain later. two minutes twice a day. they have the time. ♪ tom: washington still fighting over the debt deal. farmers are worried about dairy deal. the farm bill is set to expire at the end of the year...
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Nov 30, 2012
11/12
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cliff meetings. many of the executives saying that the white house sounded resounding resoundingly reasonable when describing plans to address the debt and deficit. >> so was this proposal the white house made yesterday with more spending and very few spending cuts, was that what mr. sorenson was expecting out of the gate? he joins us on the telephone with his thoughts. good to have you with us. >> glad to be with you. >> when you were with the other ceos at the white house, does it jive with what we're hearing about that made mitch mcconnell laugh yesterday? are those two plans one in the same? >> well, i'm hopeful that what's happening in the media is posturing by both parties and doesn't reflect where either party thinks a deal will end up. i think what the president talked with us about on wednesday afternoon was much more a sense of where things ought to end up, and that was, i think, somewhat different than it sounds like what was proposed. >> so you didn't hear about the tax increase for the w
cliff meetings. many of the executives saying that the white house sounded resounding resoundingly reasonable when describing plans to address the debt and deficit. >> so was this proposal the white house made yesterday with more spending and very few spending cuts, was that what mr. sorenson was expecting out of the gate? he joins us on the telephone with his thoughts. good to have you with us. >> glad to be with you. >> when you were with the other ceos at the white house,...
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Dec 1, 2012
12/12
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i know the speaker as well as i do not want to see us go over the fiscal cliff, but feel very strongly we've got to get serious here. we don't want to increase tax rates. we're not going to increase tax rates. and we want to do something about the spending problem. and remember, the good will, the piece that is, i think, determinive here, the speaker's put new revenues on the table just after the election and said we get it. the president won his re- election. we won ours. we have to now come together. here is our proposal to the speaker -- to the president that we were unwilling to give a year and a half ago. >> they know they need to put revenant on the table, but will you come back and give them the entitlement cuts? >> we will take this as a serious matter. this is not a game. we are interested in trying to solve the problem for the american people so that we do not see taxes go up on anybody, so we can engage in reform, get the economy going again. we're not playing a game. that offer yesterday was not serious. thank you. >> next, nancy pelosi answers fiscal cliff questions. this
i know the speaker as well as i do not want to see us go over the fiscal cliff, but feel very strongly we've got to get serious here. we don't want to increase tax rates. we're not going to increase tax rates. and we want to do something about the spending problem. and remember, the good will, the piece that is, i think, determinive here, the speaker's put new revenues on the table just after the election and said we get it. the president won his re- election. we won ours. we have to now come...
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Nov 9, 2012
11/12
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. >>> the bickering over the impending fiscal cliff is enough to drive just about anyone to drink. today the president will address the fiscal deadline facing america. and congress says if they do not reach an agreement by january 1 on spending, the u.s. could fall into a recession. tara mergener has more. >> reporter: today, president obama will urge lawmakers to work with him to steer the country away from the fiscal cliff. the cliff is a series of automatic tax hikes and spending cuts that will kick in at the end of the year, unless republicans and democrats can reach a deal. both sides say they are willing to work together. >> we're not going over the cliff. we're determined not to go over the cliff. i think better heads will prevail. >> reporter: a fight over taxes is already looming. democratics want families making more than $250,000 a year to pay more. republicans reject that idea. they want cuts to entitlement programs and are pushing tax reform that closes loopholes and eliminates some deductions. >> this is an opportunity for the president to lead. this is his moment. to
. >>> the bickering over the impending fiscal cliff is enough to drive just about anyone to drink. today the president will address the fiscal deadline facing america. and congress says if they do not reach an agreement by january 1 on spending, the u.s. could fall into a recession. tara mergener has more. >> reporter: today, president obama will urge lawmakers to work with him to steer the country away from the fiscal cliff. the cliff is a series of automatic tax hikes and...
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Dec 27, 2012
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a lot of things being thrown at the american consumer, the tragedy in connecticut, sandy, fiscal cliff, everything. with that in mind where do you see consumer spending, consumer discretionary spending next year? >> i think in 2013 there's always a place that excels in consumer discretionary and it's based on product, price and where they can expand in terms of channel extension. in 2013 i think we'll see names like nordstrom where they are accelerating the rate of growth. i think we'll see urban outfitters continue their turnaround, perhaps in an accelerated pace in 2013, and i think you're going to continue to see, particularly in the first half of the year, the demand for products from michael kors do well. second half of the year is a different story and perhaps the turnaround of tiffany's to be the name for the second half. >> meantime, r.j., i think you would agree retail remembers scrambling right now because consumer confidence is plunging. three reports in a row that have been pretty dismal. >> yeah, i would agree. i think we're looking for a bit of a pullback in 2013, not onl
a lot of things being thrown at the american consumer, the tragedy in connecticut, sandy, fiscal cliff, everything. with that in mind where do you see consumer spending, consumer discretionary spending next year? >> i think in 2013 there's always a place that excels in consumer discretionary and it's based on product, price and where they can expand in terms of channel extension. in 2013 i think we'll see names like nordstrom where they are accelerating the rate of growth. i think we'll...
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Dec 30, 2012
12/12
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of fiscal cliff deal. but a former assistant secretary of defense says he can help with a way to cut almost $100 billion from the defense budget. he will be here to explain. hey, look! a shooting star! make a wish! i wish we could lie here forever. i wish this test drive was over, so we could head back to the dealership. [ male announcer ] it's practically yours. test drive! but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a jetta. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. >>> this whole fiscal cliff mess shows how incredibly out of touch your the way people really live in this country. you are off in la la land and everyone is saying how you're acting like a bunch of spoiled brats who are more interested in being right than in doing the right thing and actually representing the people who elected you. >> my new year's message to wash
of fiscal cliff deal. but a former assistant secretary of defense says he can help with a way to cut almost $100 billion from the defense budget. he will be here to explain. hey, look! a shooting star! make a wish! i wish we could lie here forever. i wish this test drive was over, so we could head back to the dealership. [ male announcer ] it's practically yours. test drive! but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a jetta. that's...
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. >> stephen: oh, yeah, the fiscal cliff not to be confuse withed with the financial glory hole. unless congress comes up with a deficit reduction deal on january 1 there will be a trillion dollars in automatic spending cuts and the bush tax cuts expire which the congressional budget office says together could cause another recession. our only hope is that democrats and republicans in congress work together to find a compromise on tax cuts. in other words, we're all going to die. [ laughter ] now last week the democrats made the first move until this game fiscal chicken. >> the democratically-controlled senate passed a democratic bill renewing the tax cuts but only for people earning less than $250,000. >> the senate has approved a democratic tax plan that includes higher rates for high earners. >> stephen: wait, a second did they say the democrats passed a democratic plan? that can't be right. wait a second is this some kind of dream? let me check my totem. hold on one second. it's real evidently. evidently it's real. the problem is, house republicans are not going to vote for t
. >> stephen: oh, yeah, the fiscal cliff not to be confuse withed with the financial glory hole. unless congress comes up with a deficit reduction deal on january 1 there will be a trillion dollars in automatic spending cuts and the bush tax cuts expire which the congressional budget office says together could cause another recession. our only hope is that democrats and republicans in congress work together to find a compromise on tax cuts. in other words, we're all going to die. [...
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Dec 29, 2012
12/12
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cliff and take other major decisions on taxes and spending to the fuure. again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive pay cut from medicare doctors, and elections of millions of americans to avoid paying the alternative minimum tax. an increase in the debt ceiling is not part of the discussion. that is significant development for house republicans who won any increase in the borrowing limit it accompanied by an equal amount in spending cuts taking the debt ceiling of the table making it much easier for the scaled-down version to be negotied. from her senate leaders will try to secure an agreement by sunday morning. if so, democrats and republicans will try to sell its house and senate
cliff and take other major decisions on taxes and spending to the fuure. again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive...
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Dec 28, 2012
12/12
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WBAL
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now to the fiscal cliff hanger. three more days and then tax hikes on everyone, automatic spending cuts, and no deal reported. the two parties are talking again at least. steve has the latest from capitol hill. >> sources are capitol hill say president obama in today's talks feels he has the advantage back and that he will press on his original demand that income taxes rise on earnings over $250,000. it's a positive sign, the first meeting since mid november the four congressional leaders at the white house. called by president obama, house speaker john boehner is a key figure. >> the fact that he has come back to me says that they cannot come up with some kind of agreement. -- that they can come up with an agreement. >> both sides want to avoid middle-class tax cuts. the hang up is the tax hikes on the rich. those making over $250,000 in the obama reposal or $400,000, a level that mitch mcconnell reportedly said he might be able to sel? republicans won the debate shifted. >> the talk about taxes, but what it should
now to the fiscal cliff hanger. three more days and then tax hikes on everyone, automatic spending cuts, and no deal reported. the two parties are talking again at least. steve has the latest from capitol hill. >> sources are capitol hill say president obama in today's talks feels he has the advantage back and that he will press on his original demand that income taxes rise on earnings over $250,000. it's a positive sign, the first meeting since mid november the four congressional leaders...
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Dec 24, 2012
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. >> talk about the fiscal cliff. the uncertainty to witness ticking down to the end of the year and the, you know, people say that we might be borrowing from the future to think about the paychecks but basically people across the country have to consider the fact that the paychecks might take a hit at the first of the year. >> right. absolutely. hampton was on earlier talking about what will happen to those paychecks in terms of paychecks if we go over the fiscal cliff and a real concern here f. you look at the consumer, ten points lower than in july and for december 72 points. in july, it was 82. so we're seeing the sentiment decline over the last couple of months. also, consumer confidence at the lowest it's been in five months so really seeing that kind of permeate over the last couple of months and especially goins forward and we have also seen some mild weather over the last couple of months so especially in the midwest and the northeast so i think that's going to have something to do with the fact consumers are
. >> talk about the fiscal cliff. the uncertainty to witness ticking down to the end of the year and the, you know, people say that we might be borrowing from the future to think about the paychecks but basically people across the country have to consider the fact that the paychecks might take a hit at the first of the year. >> right. absolutely. hampton was on earlier talking about what will happen to those paychecks in terms of paychecks if we go over the fiscal cliff and a real...
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Nov 8, 2012
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i do think there will be a bit of a fight over the fiscal cliff. of course, it involves taxes and spending cuts. you're always going to have a back and forth when you have big issues like that. i don't think you're going to see the big crisis that we saw oi over the debt ceiling debate during the summer of 2011. >> kristen we wilker, thanks so much. we appreciate it. let's look at the fiscal cliff looming over their heads, with either party truly compromising, or will america go off the cliff in an all out stalemate. joining me is nbc's policy analyst and washington post columnist ezra klein. let's get into this. part of the sticking point are the bush-era tax cuts. the president drew a line in the sand and said no extension for those making more than $250,000. is this a game of chicken, and if so, who's going to blink first? >> it is a game of chicken. the fiscal cliff, i always like to call it the fiscal collision. you're dealing with two competing priorities. a lot of people say they want deficit reduction, but if you really get to the bottom of
i do think there will be a bit of a fight over the fiscal cliff. of course, it involves taxes and spending cuts. you're always going to have a back and forth when you have big issues like that. i don't think you're going to see the big crisis that we saw oi over the debt ceiling debate during the summer of 2011. >> kristen we wilker, thanks so much. we appreciate it. let's look at the fiscal cliff looming over their heads, with either party truly compromising, or will america go off the...
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Dec 30, 2012
12/12
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cliff. he said he is moderately optimistic that a deal could be done by december 31. congressional leaders are working on crafting a bill. certainly no grand bargain here that would improve entitlements. if they can't get a deal, the president has told harry reid to put the white house proposals up for an up or down vote. the details just keep on coming out. with us now are two guests. first, we are going to go rich edson. he is here with the very latest. tell us what you made of the president's comments. he was very direct. reporter: he was. d now he passes on to the senate. senate majory leader harry reid, senate minority leader mitch mcconnell. they are trying to come up with something that can pass the house and the senate. the president laid out a proposal earlier this evening. at the beginning of this meeting. $250,000 per year. that income would be shielded from tax increases, and now he wants an extension of unemployment insurance. that is something that essentially a nonstarter in a
cliff. he said he is moderately optimistic that a deal could be done by december 31. congressional leaders are working on crafting a bill. certainly no grand bargain here that would improve entitlements. if they can't get a deal, the president has told harry reid to put the white house proposals up for an up or down vote. the details just keep on coming out. with us now are two guests. first, we are going to go rich edson. he is here with the very latest. tell us what you made of the...
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Dec 26, 2012
12/12
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i would rather see a much bigger fiscal cliff in the way of government spending cuts. that's what we really need. but if we're not going to do that, we're not going to cut spending, then the middle class has to brace for the bad news. they have to pay for all this government and the best way to do it is with taxes. unfortunately, taxes on the rich are not going to work. they are already overtaxed. it's the middle class that's going to have to pay more if we want all this government. >> do you think they can, peter, without destroying the economy? because the question i asked extensively last week is why is a couple hundred dollar tax rise to the middle class a doom now, but during the clinton era, it was praised? >> well, people don't have the home equity they had back then and they don't have the stock market wealth they had back then. >> costs have gone up. >> inflation, inflation has -- look at how much gas costs now compared to what it cost back then. food is a lot more expensive. look, the economy is buckling under the weight of all this government. no, i don't th
i would rather see a much bigger fiscal cliff in the way of government spending cuts. that's what we really need. but if we're not going to do that, we're not going to cut spending, then the middle class has to brace for the bad news. they have to pay for all this government and the best way to do it is with taxes. unfortunately, taxes on the rich are not going to work. they are already overtaxed. it's the middle class that's going to have to pay more if we want all this government. >> do...
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Dec 21, 2012
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the house has already passed bills addressing the fiscal cliff. passed a bill and replacing the president's sequester with responsible spending cuts and did it last may. we passed a bill to stop all the tax hikes on the american people scheduled to take effect january the 1st and we did that on august 1st. and we propose plans over and over again, the democrats used to support and now they won't. i don't want taxes to go up. republicans don't want taxes to go up. we only run the house. democrats continue to run washington. what the president has proposed so far simply won't do anything to solve our spending problem. he wants more spending and more tax hikes that will hurt our economy and he simply won't deal honestly with entitlement reform and the big issues facing our country. we need significant spending cuts and real tax reform to address our long-term debt problem and pave the way for long-term growth and real growth in jobs in our country. we'll continue to work with our colleagues in the house and the senate on a plan that protects families
the house has already passed bills addressing the fiscal cliff. passed a bill and replacing the president's sequester with responsible spending cuts and did it last may. we passed a bill to stop all the tax hikes on the american people scheduled to take effect january the 1st and we did that on august 1st. and we propose plans over and over again, the democrats used to support and now they won't. i don't want taxes to go up. republicans don't want taxes to go up. we only run the house....
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Dec 24, 2012
12/12
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it cannot be part of the fiscal cliff at all. if there is one, it will be a figleaf. something small to get people political coverage to cut the tax increases to be canceled. host: why is it so much harder today than it was in 1986, when her of writing was able to forge a compromise on tax reform? guest: where do you want to start? communications are very different now. the internet, cable tv, informing people differently. you have a different situation with the leadership. the 1986 tax act took three years to enact. congress was a lot less partisan, the country was less divided. also, that was different in the sense that it was opposed to be revenue neutral. at the end of the day, whenever they changed, it would bring in the same amount. now there is a general consensus that tax reform will have to bring in more revenue. that makes it a far more difficult process. in addition, the country has gotten older. more people are on medicare and social security and medicaid. that is where the voting power is, and that makes things but more difficult. guest: when you are look
it cannot be part of the fiscal cliff at all. if there is one, it will be a figleaf. something small to get people political coverage to cut the tax increases to be canceled. host: why is it so much harder today than it was in 1986, when her of writing was able to forge a compromise on tax reform? guest: where do you want to start? communications are very different now. the internet, cable tv, informing people differently. you have a different situation with the leadership. the 1986 tax act...
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. >> under current law on january 1st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. i hope that congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date. >> there's still significant distance between the two sides, but negotiations continue. there's still time left to reach an agreement. and we intend to continue negotiations. >> and so, here we are, new year's eve, and the country counts down to popping champagne corks, the ball dropping in times square, and going over the fiscal cliff. if congress fails to act in the remaining hours of 2012, taxes will go up on all americans and a series of mandatory government spending cuts will kick in. hello, new year. hello, new recession. after two years of missing self-imposed deadline after self-imposed deadline, all eyes were on the senate over the weekend as the house's failure to even bring a plan to a vote left it up to the upper chamber to find a way out. vice president biden who had remained on the sidelines in this r
. >> under current law on january 1st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. i hope that congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date. >> there's still significant distance between the two sides, but negotiations continue. there's still time left to reach an agreement. and we intend to continue negotiations. >> and so, here we are, new...
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Dec 30, 2012
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. >>> all day i we have been following developments on the fiscal cliff talks. right now, senate leaders at an impasse over tax hikes and they are running out of time n just two days, those massive tax hikes and spending cuts will kick n so, let's go now to jessica yellin in washington. jessica has been monitoring events at the white house. you first reported to thanks minority leader mitch mcconnell, vice president bind have been in talks and i'm wondering, with no disrespect to the vice president what can he do? what does he bring? >> reporter: hi, martin. well, he bring morse than 350 years of experience on capitol hill and an ability to make deals. and you know, mick mcconnell, the senate minority leader said he was looking for a dance partner. i guess sort of -- you can think when you get bored dancing with one person, you switch over for a little while and try someone else. i have just been told that at this stage, it is senators mcconnell and biden and senator reid who are now again in the talks, sort of collectively so they are all in discussions broadly
. >>> all day i we have been following developments on the fiscal cliff talks. right now, senate leaders at an impasse over tax hikes and they are running out of time n just two days, those massive tax hikes and spending cuts will kick n so, let's go now to jessica yellin in washington. jessica has been monitoring events at the white house. you first reported to thanks minority leader mitch mcconnell, vice president bind have been in talks and i'm wondering, with no disrespect to the...
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. >> we're now a month away from the so called fiscal cliff. a drastic combination of mandatory spending cuts and tax hikes that could plunge the united states back into a recession. while there are plenty of hard w0rds from both sides, some terms of a possible zeal are making the rounds. kate bolduan has been following the back and fourth. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and president obama need to strike a deal on reducing the national debt. they have soundly rejected a white house offer that included $1.6 trillion in revenue, $400 billion in medicare and other entitlement savings, as well as a permanent increase in the debt limit among other things. so far, the rhetoric has not softened. treasury secretary tim geithner arriving on capitol hill for high level talks, most notably with house speaker john boehner. >> good morning, everyone. >> how did it go? just listen. >> despite the claims that the president supports a balanced approach, the de
. >> we're now a month away from the so called fiscal cliff. a drastic combination of mandatory spending cuts and tax hikes that could plunge the united states back into a recession. while there are plenty of hard w0rds from both sides, some terms of a possible zeal are making the rounds. kate bolduan has been following the back and fourth. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and...
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they're trying to find ways to finally find some common ground and avoid the january 1st fiscal cliff when drastic spending cuts and massive tax increases would take effect. those in attendance, there are some guests along with congressional leaders. we understand nancy pelosi will be there, john boehner the speaker will be there. we understand some guests will be the vice president, of course minority leader mitch mcconnell will also be there. we also understand that during this discussion will be some tough questions obviously and that is about the tax cuts and what the top 2% will have to pay. here is what happened moments ago. take a listen. >> i want to welcome the congressional leadership here and thank them for their time. i think we're all aware that we have some urgent business to do. we've got to make sure that taxes don't go up on middle class families, that our economy remains strong, that we're creating jobs, and that's an agenda that democrats and republicans and independents, people all across the country share. so our challenge is to make sure that, you know, we are ab
they're trying to find ways to finally find some common ground and avoid the january 1st fiscal cliff when drastic spending cuts and massive tax increases would take effect. those in attendance, there are some guests along with congressional leaders. we understand nancy pelosi will be there, john boehner the speaker will be there. we understand some guests will be the vice president, of course minority leader mitch mcconnell will also be there. we also understand that during this discussion...
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consumers are still spending despite the fears of the fiscal cliff. we have come a long way from the dark days of the great recession. i've told you that an economic renaissance could be just around the corner if lawmakers can get their acts together. ken rogoff and kevin haslett are back with me. jessica yellin rejoins us, as well. ken, let me start with you. one of the top economists in the country. is this political bickering a substantial threat to our economic renaissance that we could be on the verge of? >> well, it's definitely holding businesses back because they don't know which direction things are going to go. most people think they will work something out, and when the debt seali ceiling comes up in february they will work something out, but they don't want to get caught with their pants down, so to speak. absolutely it's holding things out. it shows a broader dysfunction in washington that if they can't agree on this, how do they 'gree on other things, that people are very entrergeed in their positions and there's no compromise. >> kevin,
consumers are still spending despite the fears of the fiscal cliff. we have come a long way from the dark days of the great recession. i've told you that an economic renaissance could be just around the corner if lawmakers can get their acts together. ken rogoff and kevin haslett are back with me. jessica yellin rejoins us, as well. ken, let me start with you. one of the top economists in the country. is this political bickering a substantial threat to our economic renaissance that we could be...
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so now you've got everything happening as we expected on the fiscal cliff. the sequestration, the spending cuts, and the tax increases. which as we know will lead to a recession in 2013 likely. >> okay. we got to leave it there. >> all right. thank you. good job. happy new year. i don't know if this means you won the bet or not. i can't decide. what's that? >> i think i won the bet. i didn't want to win the bet. >> wooe'll talk. happy new year, kid. >>> keep it here for the latest on the cliff developments. we're not done with this yet. america's economy held hostage gips at 6:00 p.m. eastern time tonight. >> indeed it does. >>> also insiders view now it is a fact we are going over the cliff. what does it mean when we start trading on wednesday? >>> when we come back, a couple of technology pros gaze into their crystal balls this new year's eve. one of them thinks facebook will buy netflix and microfox will take over research in motion. oh, yeah? we'll talk about that coming up. [ male announcer ] at scottrade, we believe the more you know, the better you tr
so now you've got everything happening as we expected on the fiscal cliff. the sequestration, the spending cuts, and the tax increases. which as we know will lead to a recession in 2013 likely. >> okay. we got to leave it there. >> all right. thank you. good job. happy new year. i don't know if this means you won the bet or not. i can't decide. what's that? >> i think i won the bet. i didn't want to win the bet. >> wooe'll talk. happy new year, kid. >>> keep it...
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but they are hung up on one key spending issue, and so it looks like we will go over the fiscal cliff at least temporarily. >> we're very, very close to an agreement. >> reporter: senate republican leader mitch mcconnell said his round-the-clock negotiations with vice president biden had paid off. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two sides agreed to extend them permanently for all household income under $400,000 a year for individuals, $450,000 a year for families. negotiators also agreed to prevent the al tesh tiff minimum tax on the wealthy from hitting millions of middle class families every year by permanently adjusting it to inflation. and they agreed to hike the estate tax rate from 35% to 40%, but the first $5 million worth of inheritance would be exempt from taxation permanently. the breakthugh prompted relief for many, including connecticut senator joe lieber man. >> i hope the negotiations going on now end with an agreement and i hope that we will pass it with b
but they are hung up on one key spending issue, and so it looks like we will go over the fiscal cliff at least temporarily. >> we're very, very close to an agreement. >> reporter: senate republican leader mitch mcconnell said his round-the-clock negotiations with vice president biden had paid off. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two sides agreed to extend...
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i think beyond in fiscal cliff deal there has to be a long-range plan. the simpson bowles plan i think is the one that makes most sense entitlement reform, spending cuts. and many other measures that need to happen. look, we have to have jobs and economic growth in this country he. that should be paramount in trying to resolve these economic problems. i think the congress and the president as soon as this deal is over and i think there will be one in the next week or so, short-term first, then a longer term one has to get down to job creation, economic growth, technology growth, international issues affecting our international security, this really needs to happen and it has to be bipartisan and i think we are moving in that direction right now. >> i'm going to make a final bet and prediction with you only because we are odd friends. i will bet you a gentleman's bet that the president wants the fiscal cliff and he will come back and give back the new tax increases and then there will be a huge fight over the debt ceiling and i don't see a path to any rea
i think beyond in fiscal cliff deal there has to be a long-range plan. the simpson bowles plan i think is the one that makes most sense entitlement reform, spending cuts. and many other measures that need to happen. look, we have to have jobs and economic growth in this country he. that should be paramount in trying to resolve these economic problems. i think the congress and the president as soon as this deal is over and i think there will be one in the next week or so, short-term first, then...
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in the short term, the very short term, i think actually some of the hype around the fiscal cliff is a little overblown, particularly because the first couple of days or week or so after we go over the fiscal cliff we won't see all that many impacts. all these tax and spending impacts take months to go into effect. it doesn't impact the economy until people start paying taxes, which could be several months down the line for most americans. on the spending side as well, spending is built into the cake so again you'd be looking at stuff that would be impacting the out months. for the first couple of months, no real specific impact. the big thing to worry about is whether wall street freaks out or not about the fact that we've gone over the fiscal cliff. if they do freak out, that could have an impact and cause a recession because of the wall street impact. >> and the premise of your analysis there is that we're looking at late deal or early deal. nobody really thinks that there will never be a deal. and so what you're saying, what, if it was three weeks out or late january or after the
in the short term, the very short term, i think actually some of the hype around the fiscal cliff is a little overblown, particularly because the first couple of days or week or so after we go over the fiscal cliff we won't see all that many impacts. all these tax and spending impacts take months to go into effect. it doesn't impact the economy until people start paying taxes, which could be several months down the line for most americans. on the spending side as well, spending is built into...
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they've got to figure out the fiscal cliff. it's massive, massive spending cuts, massive tax hikes that slam on the economy at the same time, would mean a lot of people out of work, factories close. they have to fix this and they're barely moving toward it. >> ali, fiscal cliff 101. a couple people tweeted me saying you keep talking about the fiscal cliff. >> it's a whole bunch of things that are not great that will going to happen at the same time. tax cuts are going to expire. the bush era tax cuts. certain benefits and credits are going to go away. and they're going to be the sequestration, which as you know is a stupid name for a stupid thing but it was the deal they made for the debt limit increase that said if 12 of you can't make a deal, then we're going to cut 10% across the board in everything. >> the debt ceiling and then they attached a suicide note and that's basically what it is. >> military spending and -- >> all cutting across the board. which is not what you do in an economy like this. spending cuts are necessar
they've got to figure out the fiscal cliff. it's massive, massive spending cuts, massive tax hikes that slam on the economy at the same time, would mean a lot of people out of work, factories close. they have to fix this and they're barely moving toward it. >> ali, fiscal cliff 101. a couple people tweeted me saying you keep talking about the fiscal cliff. >> it's a whole bunch of things that are not great that will going to happen at the same time. tax cuts are going to expire. the...
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. >>> no matter who whips today, the most immediate threat to your money is the fiscal cliff. that's right. severe spending cuts and big tax increases less than two months away. next, we run through the scenarios from a fix, kicking the can down the road yet again. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> there's a lot to be happy about today. here's the bad news. no matter who wins tonight, we are facing a huge fiscal cliff problem. like immediately. congress back in session in one week. that's got to be jobs one, two, three, four, five, et cetera for congress. let's talk about it with the washington bureau chief for "the wall street journal." if obama w
. >>> no matter who whips today, the most immediate threat to your money is the fiscal cliff. that's right. severe spending cuts and big tax increases less than two months away. next, we run through the scenarios from a fix, kicking the can down the road yet again. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams...
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[no audio] >> just hours away from possibly going over the fiscal cliff. if without a deal before midnight, americans will be ringing in this new year with tax hikes and spending cuts. this could kick the economy back into a recession. both chambers convened in a rare sunday session but came up empty. all a great tax rates should be preserved for the middle class. >> taxes on middle class families do not go up. >> in the deal must force wealthier americans to pay more. republicans say that will do nothing to curb the mounting debt. ernie to joe biden to break the stalemate. >> we are running at a time. there is too much at stake. >> workers may see less and there paycheck if there is no agreement. government contractors might be forced to lay off employees. businesses could lose tax breaks. many americans are still hoping for an 11th hour compromise. >> i would hope they could work together and realize that this is affecting everyone. >> both chambers will reconvene later this morning, at which point there will be 12 hours left until the deadline. >> what
[no audio] >> just hours away from possibly going over the fiscal cliff. if without a deal before midnight, americans will be ringing in this new year with tax hikes and spending cuts. this could kick the economy back into a recession. both chambers convened in a rare sunday session but came up empty. all a great tax rates should be preserved for the middle class. >> taxes on middle class families do not go up. >> in the deal must force wealthier americans to pay more....
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cliff. hello, good to be with you. we are just two days now remaining that is, until the countdown clock and the pressure is mounting on lawmakers to get a deal done. both houses of congress are back in session this sunday ready to vote on a plan that senate leaders are trying to hammer out right now. if a deal isn't reached, your taxes will go up and government spending will be slashed. dana bash and jessica yellin are covering all angles of the story. let's start with dana on capitol hill who has heard word of a setback in the talks. dana, what do you know? >> setback from the perspective of democrats. we should underscore that. this is any information that is coming out. is coming out for a purpose. this is certainly significant. when it comes to the democrats' perspective. and that is, they are very unhappy and they call a quote poison pill. what they say is an offer from the republicans to include in this deal, which has been from the democrats perspective, mostly focused on taxes to in
cliff. hello, good to be with you. we are just two days now remaining that is, until the countdown clock and the pressure is mounting on lawmakers to get a deal done. both houses of congress are back in session this sunday ready to vote on a plan that senate leaders are trying to hammer out right now. if a deal isn't reached, your taxes will go up and government spending will be slashed. dana bash and jessica yellin are covering all angles of the story. let's start with dana on capitol hill who...
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we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal cliff. taxes will go up for the average american by about $2,000 and could put us back into a recession. >> which nobody wants to see. kristen welker in hawaii. the president is coming back, but they haven't gotten the 48 hour notice. they are very much out there in play. thank you very much for joining us. appreciate it. when the senate returns tomorrow morning, there will be a new emphasis on members taking a larger role in the fiscal cliff negotiations that based off the current offer may only have a smaller deal. a member of the budget committee and outspoken voice on the left side of the aisle. thanks for joining me. good morning. >> mire pleasure. >> we were saying a lack of urgency in washington to deal with the fiscal cliff and being a member of congress especially a respe
we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal cliff. taxes will go up for the average american by about $2,000 and could put us back into a recession. >> which nobody wants to see. kristen welker in hawaii. the president is coming back, but they haven't gotten the 48 hour...
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>> no vote tonight on the fiscal cliff. what are the chances of lawmakers cobbling a compromise tomorrow? would real pain start to hit everyone in the form of tax hikes and spending cuts? what other options do lawmakers have as a last resort. steven moore joins us from washington. steven is a senior economics writer with "the wall street journal." he writes op-eds. he's involved in the opinion pages. he's also a co-founder of the organization called club for growth, which has really been at the forefront of fighting tax increases across the board. so, you know, sometimes, steven, on tv we talk about grover norquist and a lot of people really don't like him. you think grover has the right idea. you have colleague es in the senate, in the house of representatives. we have talked about this endlessly for many months and we both sort of went into the last few days thinking they'll get a deal, they'll do it. it will increase some tacks on the rich and we'll figure out a number. i think both of us put forward it would be $500,000
>> no vote tonight on the fiscal cliff. what are the chances of lawmakers cobbling a compromise tomorrow? would real pain start to hit everyone in the form of tax hikes and spending cuts? what other options do lawmakers have as a last resort. steven moore joins us from washington. steven is a senior economics writer with "the wall street journal." he writes op-eds. he's involved in the opinion pages. he's also a co-founder of the organization called club for growth, which has...
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>> well, if it's all on the spending side, remember, when we get past this fiscal cliff, boehner and mitch mcconnell have made it clear the president wants a debt ceiling increase of any amount, like $1 trillion, he has to find $1 trillion in savings. >> well, according to corker and alexander, this is $1 trillion in savings from the medicare program if you do what they are suggesting here. >> all from spending, i hope? >> that's what they are saying. >> if it's all from spending, that's something we could do as part of the debt ceiling. that -- that's a fine suggestion. it -- it just shouldn't be confused with the present mess this week. >> but, they are adding this to the conversation if -- i mean, obviously we're not going to get something comprehensive before december 31, but as the talks continue, assuming they do into january, maybe even longer as we get closer to the debt ceiling, is this a kind of a compromise that you can accept on the other side? >> yes. it is very clear that boehner and mitch mcconnell have made clear, if the president wants a dollar of debt ceiling increa
>> well, if it's all on the spending side, remember, when we get past this fiscal cliff, boehner and mitch mcconnell have made it clear the president wants a debt ceiling increase of any amount, like $1 trillion, he has to find $1 trillion in savings. >> well, according to corker and alexander, this is $1 trillion in savings from the medicare program if you do what they are suggesting here. >> all from spending, i hope? >> that's what they are saying. >> if it's...
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cuts that were also part of this fiscal cliff. >> he's taking credit for the spending cuts in the sequester in the budget control act, but now he wants to do away with them and then wants to do more infrastructure spending and he wants to do all these different things and pay 1 -- he wants $1.6 trillion in additional revenues and just a couple days ago he decided that he was going to start paying federal employees more. he did away with the freeze on federal employees' salaries. he want to raise taxes on people so he can pay federal employees more. i don't think there's anything out there saying federal employees are not making enough money. he wants to spend more money and i believe and some of my colleagues disagree, even senator barrasso disagrees with me, i think the president wants to go over the cliff. he doesn't want -- he's not acting in good faith right now. listen to him this morning, what he was saying on "meet the press" he's saying he came with a plan that was a balanced approach, a balanced approach, talked about two to one, three to one, we don't have a two to one or three to
cuts that were also part of this fiscal cliff. >> he's taking credit for the spending cuts in the sequester in the budget control act, but now he wants to do away with them and then wants to do more infrastructure spending and he wants to do all these different things and pay 1 -- he wants $1.6 trillion in additional revenues and just a couple days ago he decided that he was going to start paying federal employees more. he did away with the freeze on federal employees' salaries. he want...
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but the question is, do we end up back next year with another fiscal cliff situation? >> so it's a chronic problem. >> we have to get off this chronic problem issue. we have to set up a situation where we can get our revenue and spending in line with each other since we don't have huge and long-term deficits. >> rick, are you feeling more hopeful right now? >> listen, to hear ms. pelosi, boehner, all the brass of the house and the senate actually acknowledge that there is a hippopotamus in the room, it was a very positive thing. most of the discussion has been about the 70 or 80 billion and the upper 1%. that's important to some, but let's keep our eye on what simpson and bowles have talked about, the entitlement reform. i think that is optimistic. you can clearly see that the markets thought that as well. if it wasn't for the other bad story, or the other story, which is bad, and that's the middle east. down here, positions going home are dramatically affected by uncertainty and what's going on in the middle east. we did have a fresh 2 1/2 month low yield. if we settl
but the question is, do we end up back next year with another fiscal cliff situation? >> so it's a chronic problem. >> we have to get off this chronic problem issue. we have to set up a situation where we can get our revenue and spending in line with each other since we don't have huge and long-term deficits. >> rick, are you feeling more hopeful right now? >> listen, to hear ms. pelosi, boehner, all the brass of the house and the senate actually acknowledge that there...